Ediston achieves major new letting to B&M Retail at Kingston retail park, Hull
Ediston Real Estate, on behalf of its listed Ediston REIT, has completed a letting to B&M Retail at Kingston retail park, Hull. B&M has committed to increase its occupation on the retail park, upsizing from 10,271 to 24,225 sq ft by taking the former Toys R Us unit.
B&M has signed a new 10 year lease at an annual rent of £302,813 and receiving an incentive of 12 months’ rent free. To facilitate the letting B&M will surrender the lease on its existing unit, which expires in 2021, providing another asset management opportunity for the investment manager.
Calum Bruce, director of investment at Ediston, said: “Identifying a tenant so soon after the administration of Toys R Us is positive, not just for the asset but for the out of town retail market as a whole. It proves that there is good tenant demand for well-located retail parks which trade well and dominate in their location.”